In the early Asian session on Tuesday (April 29), spot gold fluctuated narrowly and is currently trading at $3337.58 per ounce. Gold prices reversed their decline on Monday and rose, falling to around $3268 earlier, but then there was buying at a low point, and gold prices closed at $3343.91 per ounce.

The US dollar index fell 0.7% on Monday to 98.91, the lowest closing price in nearly four trading days. So far in April, the US dollar index has fallen 4.89%, and the US dollar is set to record its largest monthly decline since July last year as Trump has shaken people's confidence in the reliability of US assets. The dollar fell across the board on Monday, also providing support for gold prices, as investors cautiously awaited further news on US trade policy and prepared for a week of intensive economic data, which may initially indicate whether US President Trump's trade war is having an impact.

From the daily level of spot gold, the price of gold fell and rebounded yesterday, recording a K-line pattern with a long lower shadow. Although the price rebounded, the pressure effect from above was also obvious. In addition, the MACD indicator double line has entered the process of dead cross operation, suggesting that the correction trend may not be over yet, so it is necessary to be cautious in chasing highs.

From the 4-hour level of spot gold, the price of gold has recently fallen from around 3500 to 3260 and then rebounded. Although it then fell under pressure near 3370, the support effect near 3260 is still effective. The price rebounded again, but it has not yet returned to the overall upward trend. It is a wide range of shocks. You can pay attention to the 3260-3370 range. Pressure: 3330-3350-3360 Support: 3320-3310-3300.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.